As for the macro perspective: I think you’re pretty much spot on with your assessment of late-cycle behavior. With the recent performance of bonds it looks like the market is finally about to price a recession.
Thank you, FX! I suppose it feels good to see equities & bonds rally in response to declining yields/Dollar, but I can't help but remain skeptical. Encouraged? Perhaps. But certainly skeptical.
Great work!
As for the macro perspective: I think you’re pretty much spot on with your assessment of late-cycle behavior. With the recent performance of bonds it looks like the market is finally about to price a recession.
Thank you, FX! I suppose it feels good to see equities & bonds rally in response to declining yields/Dollar, but I can't help but remain skeptical. Encouraged? Perhaps. But certainly skeptical.